A crypto analyst with a large following is updating his view on Bitcoin (BTC) and two altcoins. It also predicts a massive increase for the leading altcoin Ethereum (ETH) rival Ripple (XRP).
Altcoin that will skyrocket according to the analyst: Ripple (XRP)
cryptocoin.comAs you follow, the cryptocurrency market is pretty bleak. However, the analyst, nicknamed Altcoin Sherpa, is hopeful of Ripple. The analyst says that XRP must rise to $0.60 before eventually climbing as high as $0.87. The analyst makes the following statement:
XRP: It goes to $0.60 and then to $0.87 if it breaks clearly. A strange reaction for some of these altcoins.
At press time, XRP was trading at $0.49, up 2.13% on a daily basis. A rally to the analyst’s target of $0.87 would mean an increase of around 80% for the payment token.
“Bitcoin will drop soon”
The analyst then brings up Bitcoin. The leader says the current price level of the coin looks “spent”. That is, he expresses that he believes it will fall soon. In this context, the analyst makes the following assessment:
BTC: I think the wick around $18,500 is spent a lot. The next wicks are likely to come. Demand areas of 18,000 and 17,500 will remain very cautious.
The largest crypto asset by market cap is changing hands at $18,873 at the time of writing.
“This altcoin will make a splash in the short term: OP”
The next ETH scaling solution on the analyst’s list is Optimism (OP). Altcoin Sherpa expects a bounce for the OP in the short term. Accordingly, he predicts it will eventually settle in the $0.50 area. The analyst expresses his views as follows:
OP: This available space is an HVN (high volume node) in the volume profile, so maybe it needs to bounce. However, I think that’s still a comfortable short for $0.50.
At press time, the OP is trading at $0.9414, up 0.74% on a daily basis.
“APE looks terrible”
The analyst wraps up his analysis by introducing ApeCoin (APE), the native asset of the Bored Ape Yacht Club NFT community. He says APE is currently at a significant price point and ‘looks scary’. In this context, the analyst makes the following assessment:
“APE: $5.85 is an important IMO level. It did not close 1 day in almost two weeks. Doing so means mid-$6. However, this is a strong level. I still have my position. However, I got more for around $5.90. It looks a little scary. So we need to get a little more profit here.”
APE is changing hands at $5.62 at the time of writing.
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